Oregon lawmakers seek rainy day fund

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Tuesday, May 28, 2013

House Bill 2315 hopes to create a dedicated source of funding for Oregon's reserve funds.

The bill would dedicate 1 percent of the $16 billion in tax revenue Oregon collects to the school stabilization fund and another 1 percent to the state’s rainy day fund whenever unemployment in the state dropped below 6 percent. Currently, Oregon's unemployment rate stands at 8 percent.

That could produce $320 million in savings that could be tapped to pay for schools and services during economic downturns. Barton said the state’s status quo, which relies on some lottery funds and leftovers from the budget process for reserves, doesn’t work.

Read more at OregonLive.com.

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